Trading Plan for August 7, 2010
Current Long Positions (stop-losses in parentheses): XLF (14.02), V (68.99), INTC (19.75), ENZN (10.15), QQQQ (44.38)
Current Short Positions (stop-losses in parentheses): None
BIAS: 65% Long
Economic Reports Due Out (Times are EST): None
My Observations and What to Expect:
Futures up moderately.
No major economic news today.
Fed meets tomorrow - expect light trading ahead of FOMC Statement.
Prime opportunity today after Friday test of trend-line and 200-day moving average to finally push through the June highs (right shoulder).
Should that happen, expect a breakout as stop-losses get triggered.
Friday was an intraday example of the Bear's attitude from this past year. Everything looks promising - but never any follow-through. Never legitimate.
Without any major news, the morning gap-up looks very fade-able.
Fed Statement will create lots of volatility in the markets.
Actions I Will Be Taking: